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Facebook, Uber, UPS and General Electric Rise Premarket -Breaking

by Mike Robinson

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© Reuters.

Peter Nurse

Investing.com — Premarket Trade on Tuesday October 26th: Stocks In Focus Refresh to see the most recent updates.

  • Facebook(NASDAQ) Stock rose 1.2% on Wednesday after social media giant, Facebook, announced stronger than expected third quarter earnings. Even though its revenue growth was slower at 35%, it still beat expectations. A $50 billion increase was also announced by the company to its stock purchaseback program.

  • UberStock rose 0.5% on the NYSE after ride-hailing firm agreed to start a rapid grocery delivery in Paris. Carrefour (PA:), Europe’s largest retailer.

  • United Parcel ServiceStock rose 4.6% following Tuesday’s 23% increase in quarterly profits at delivery company. This was aided by high ecommerce demand.

  • General Electric The stock of (NYSE:) rose 1.4% following a revision by the conglomerate to its full year earnings forecast. This was after it reported a greater than anticipated third-quarter profit.

  • Eli LillyThe stock of (NYSE:) rose 1.1% following an increase in profit and revenue estimates for the full year. This was primarily due to increased sales of Covid-19 treatments.

  • 3M CompanyThe stock of (NYSE:) fell 0.2% following a tightening by the manufacturer in the ranges of its full year earnings forecasts. This was due to disruptions within its supply chain network. However, its third quarter revenue was supported by higher safety-related products. 

  • HasbroThe stock price of (NASDAQ: ) rose 2.2% on the news that toy manufacturer reported a 11% increase quarterly revenue. The company was helped by strong demand for “Magic: The Gathering”, a collectible card-game.

  • Beyond Meat (NASDAQ:) stock fell 2.7% after Credit Suisse downgraded its investment stance on the faux meat manufacturer to ‘underperform’ from ‘neutral’, citing the company’s cut in sales guidance.

  • Coinbase (NASDAQ:) stock rose 1.4% after Citigroup initiated coverage on the cryptocurrency exchange with a ‘buy’ rating, saying it offers significant upside for investors looking for exposure to the asset class.

  • Raytheon TechnologiesThe stock of (NYSE:) rose 0.3% following an increase in adjusted profits forecasts by the aerospace parts maker. This was due to growing commercial aviation travel.

 

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